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College Scholarship Rules and Private Saving

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Author Info
Feldstein, Martin

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Abstract

This paper examines the effect of existing college scholarship rules on the incentive to save. The analysis shows that families that are eligible for college scholarships face 'education tax rates' on capital income of between 22 percent and 47 percent in addition to regular federal and state income taxes. The empirical analysis developed here, based on the 1986 Survey of Consumer Finances, implies that these high tax rates have a powerful adverse effect on the accumulation of financial assets. Copyright 1995 by American Economic Association.

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Publisher Info
Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 85 (1995)
Issue (Month): 3 (June)
Pages: 552-66
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Handle: RePEc:aea:aecrev:v:85:y:1995:i:3:p:552-66

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References listed on IDEAS
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  1. Martin Feldstein & Andrew Samwick, 1992. "Social Security Rules and Marginal Tax Rates," NBER Working Papers 3962, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Annamaria Lusardi & Ricardo Daniel Cossa & Erin L. Krupka, 2001. "Savings of Young Parents," JCPR Working Papers 229, Northwestern University/University of Chicago Joint Center for Poverty Research. [Downloadable!]
  2. Andrew A. Samwick, 1998. "Tax Reform and Target Savings," NBER Working Papers 6640, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Tali Regev, 2007. "Imperfect information, self-selection and the market for higher education," Working Paper Series 2007-18, Federal Reserve Bank of San Francisco. [Downloadable!]
  4. John V. Duca, 1995. "Sources of money instability," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q IV, pages 2-13. [Downloadable!]
  5. Tullio Jappelli & Luigi Pistaferri, 2002. "Tax Incentives for Household Saving and Borrowing," CSEF Working Papers 83, Centre for Studies in Economics and Finance (CSEF), University of Salerno, Italy. [Downloadable!]
  6. Annamaria Lusardi & Ricardo Cossa & Erin L. Krupka, 2000. "Savings of young parents," Working Paper Series WP-00-23, Federal Reserve Bank of Chicago. [Downloadable!]
  7. Christoph Winter, 2007. "Accounting for the Changing Role of Family Income in Determining College Entry," Economics Working Papers ECO2007/49, European University Institute. [Downloadable!]
  8. David M. Linsenmeier & Harvey S. Rosen & Cecilia Elena Rouse, 2002. "Financial Aid Packages and College Enrollment Decisions: An Econometric Case Study," NBER Working Papers 9228, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  9. Andrew Dick & Aaron Edlin & Eric Emch, 2003. "The Savings Impact of College Financial Aid," Contributions to Economic Analysis & Policy, Berkeley Electronic Press, vol. 2(1), pages 1044-1044. [Downloadable!] (restricted)
  10. Stephen A. O'Connell & Stephen P. Zeldes, 1994. "Dynamic Efficiency in the Gifts Economy," NBER Working Papers 4318, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  11. Miles, David K & Sefton, James, 2002. "Optimal Social Security Design," CEPR Discussion Papers 3290, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  12. William M. Gentry & R. Glenn Hubbard, 2002. "The Effects of Progressive Income Taxation on Job Turnover," NBER Working Papers 9226, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  13. David Lang, 2007. "Financial Aid and Student Bargaining Power," Topics in Economic Analysis & Policy, Berkeley Electronic Press, vol. 7(1), pages 1605-1605. [Downloadable!] (restricted)
  14. Andrew W. Dick & Aaron S. Edlin, 1995. "The Implicit Taxes from College Financial Aid," NBER Working Papers 5316, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  15. Bas Jacobs, . "An investigation of education finance reform: Graduate taxes and income contingent loans in the Netherlands," CPB Discussion Papers 9, CPB Netherlands Bureau for Economic Policy Analysis. [Downloadable!]
  16. Siu Fai Leung, 2000. "Why Do Some Households Save So Little? A Rational Explanation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 3(4), pages 771-800, October. [Downloadable!] (restricted)
  17. Victor R. Fuchs, 2000. "Medicare Reform: The Larger Picture," NBER Working Papers 7504, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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